$136,100,000 Class A-1A Student Loan-Backed Notes
$100,000,000 Class A-1B Student Loan-Backed Notes
$100,000,000 Class A-1C Student Loan-Backed Notes
$100,000,000 Class A-1D Student Loan-Backed Notes
$100,000,000 Class A-1E Student Loan-Backed Notes
$100,000,000 Class A-1F Student Loan-Backed Notes
$100,000,000 Class A-1G Student Loan-Backed Notes
$100,000,000 Class A-1H Student Loan-Backed Note
$400,000,000 Class A-2 Student Loan-Backed Notes
€750,000,000 Class A-3 Student Loan-Backed Notes
£500,000,000 Class A-4 Student Loan-Backed Notes
$90,350,000 Class B Student Loan-Backed Notes
| Date of Issue: | September 30, 2003 |
| Issue Amount: | $3,012,925,000 |
Securities Offered:
| Class A-1A Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GHW9 |
| Class A-1B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GHX7 |
| Class A-1C Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GHY5 |
| Class A-1D Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GHZ2 |
| Class A-1E Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GJA5 |
| Class A-1F Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GJB3 |
| Class A-1G Floating Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GJC1 |
| Class A-1H Auction Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GJD9 |
| Class A-2 Auction Rate Asset-Backed Notes |
|---|
| Rate: | Three Month Libor plus 0.16% |
| CUSIP: | 78442GJE7 |
| Class A-3 Auction Rate Asset-Backed Notes |
|---|
| Rate: | Fixed 4.05% |
| CUSIP: | 78442GJG2 |
| Class A-4 Auction Rate Asset-Backed Notes |
|---|
| Rate: | Fixed 5.15% |
| CUSIP: | 78442GJH0 |
| Class B Auction Rate Asset-Backed Notes |
|---|
| Rate: | Auction Rate |
| CUSIP: | 78442GJF4 |
| Servicer: | Sallie Mae Servicing LP |
| Eligible Lender Trustee: | Deutsche Bank Trust Company Americas |
| Indenture Trustee: | Deutsche Bank National Trust Company |
| Luxembourg Paying Agent: | The Bank of New York (Luxembourg) SA |
| Administrator: | Sallie Mae, Inc. |
| Underwriters: | Credit Suisse First Boston
Deutsche Bank Securities
Merrill Lynch & Co.
Fortis Bank
RBC Dain Rauscher |